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People & Business :: Earnings/Finance
Lenzing slashes guidance, announces major job cuts due to falling fiber prices
2:00 PM MST | November 13, 2013 | Ian Young
Lenzing cut its 2013 earnings guidance and announced up to 600 job losses after posting steep declines in earnings and sales for the first nine months of the year. The company now expects full-year Ebitda of €220-230 million, having previously forecast full-year Ebitda of €280 million. The revision is necessary because Lenzing anticipates even weaker market conditions for its man-made cellulosic fibers, principally due to heavy price pressure, in the fourth quarter, the company says. Lenzing also slashed its full-year operating-profit forecast to...
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